iSoft secures vital support
The firm at the heart of the troubled NHS computer upgrade secured vital support today after its financial woes had been laid bare, with net losses totalling £382.2m (€565.8m).
Manchester-based iSoft, which is providing software to allow GPs and hospitals to manage patient records, offset immediate concerns about its future when it said banks had put in place new arrangements for next year.
The Health Service Executive has a contract with the same company to provide software on patient records but no iSoft services are operational as yet and authorities at the HSE say they are monitoring the situation closely.
Shares in the company jumped by as much as 60%, despite the massive loss for the year to April 30, and the start of an inquiry by the Financial Services Authority into possible accounting irregularities.
The company met today’s deadline for it to publish results after securing the financing, although it now faces higher interest rates while lenders can also buy up to 3.7% of its shares at fraction of the current price.
